FIGS
FIGS, Inc.
Industrials • CIK: 0001846576
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Market Cap
$1.10B
P/E (TTM)
60.8x
Rev Growth (TTM)
+5.9%
Net Margin (TTM)
3.0%
FCF Yield (TTM)
2.0%
FCF Margin (TTM)
3.8%
Cash Flow Health
Free Cash Flow7/8 positive
TTM$22M
Q3 '25
$531000+104%
Q2 '25
$-14M-271%
FCF Margin
TTM3.8%
Q3 '250.4%+104%
Sector: 5.4%Below Avg
OCF Margin5.3%
OCF/NI1.74x
CapEx Coverage3.5x
FCF Yield2.0%
FCF Growth (2Y)–
Cash Conversion Cycle
233 days
DSO: 5+DIO: 255−DPO: 27
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM3.7%
Div Yield0.0%
+Buyback (TTM)3.7%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$22.0M
Stock Repurchases (TTM)$40.9M
Capital Return / FCF185.8%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
3.3%
Stable
+2.0% YoY+1.4%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
2.2%
8Q: 0.6%
Asset Turnover
1.11x
8Q: 1.13x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 2.5% ≈ 3.3% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
16.97x
8Q:18.10x
-660.4%
Invested Cap Turn
1.47x
8Q:1.42x
+14.5%
CapEx Intensity
2.2%
8Q:3.1%
CapEx/Depreciation
1.04x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $581.0M | $151.7M↓0.6% | $152.6M↑22.2% | $124.9M↓17.7% | $151.8M↑8.3% | $140.2M↓2.8% | $144.2M↑20.9% | $119.3M↓17.7% | $144.9M |
Operating Income | $28.2M | $9.6M↓2.8% | $9.9M↑4799.1% | $-211.0K↓102.4% | $8.9M↑203.1% | $-8.6M↓655.6% | $1.6M↑250.6% | $443.0K↓96.9% | $14.2M |
Net Income | $17.6M | $8.7M↑23.2% | $7.1M↑7059.8% | $-102.0K↓105.4% | $1.9M↑210.9% | $-1.7M↓254.5% | $1.1M↓23.3% | $1.4M↓85.7% | $10.0M |
Operating Cash Flow | $30.7M | $3.4M↑127.7% | $-12.4M↓234.6% | $9.2M↓69.6% | $30.4M↑34.7% | $22.6M↑36.6% | $16.5M↑42.3% | $11.6M↓42.7% | $20.3M |
Free Cash Flow | $22.0M | $531.0K↑103.9% | $-13.5M↓270.6% | $7.9M↓70.7% | $27.1M↑46.9% | $18.4M↑144.1% | $7.5M↓32.2% | $11.1M↓18.5% | $13.7M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
60.8x
Volatile
8Q: 144.3x-15570%
Valuation Lenses
Earnings
60.8x
vs – sector
Cash Flow
29.7x
EV/FCF vs –
Growth-Adj
0.7xPEG
Undervalued for growth
Quality-Adj
18.5P/E per %ROIC
ROIC: 3.3%
Shareholder Returns
Dividend
–
Buyback
3.7%
Total Yield
3.7%
Market Cap$1.10B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
62/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
4.5%
8Q:–
Return on Invested Capital (ROIC)Top 25%
3.3%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 2.2%
Asset Turnover: 1.11x
Earnings Quality
Cash Conversion
1.74x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin68.0%
Capital Efficiency
Invested Capital Turnover1.47x
Working Capital
Cash Conversion Cycle233 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
56/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
5.9%
OpInc Growth YoY
211.7%
EPS Growth YoY
83.3%
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
68.0%
Operating
4.9%
Below Avg in sector
Net
3.0%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+0.8 pts
FCF: 3.8% | Net: 3.0%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $241.53M
Interest Coverage
–
+Net cash position: $241.53M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis